The greenback recovered slightly to ¥104.55 Tuesday afternoon in Asia, compared with ¥104.21 late Monday in New York.

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For ex-Japan markets, the small gains marked a turnaround after losses in the year to date. Benchmark indexes in Hong Kong, China and Korea are down 2.6%, 3.2% and 2.6% so far this year.

Still, some Chinese banking stocks were under pressure after China’s cabinet drafted a framework to tighten the oversight of rapidly increasing shadow-banking industry. The move suggests that Beijing is looking to control a rapid buildup of debt in recent years, weighing on the banking sector.

China’s weak start to the year comes amid disappointing economic data relating to activity in both manufacturing and services, compounded by the resumption of domestic initial public offerings.

More economic data are on the way from China, with trade numbers due on Wednesday and inflation figures on Thursday.

Tourists from around world visit China ice festival

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More than 10,000 workers build ice and snow structures in just 15 days as part of the Harbin International Ice and Snow Festival, and tourists from around the world brave the cold to experience the event. (Photo/Video: AP)

Corporate news was in focus in South Korea, with fourth-quarter estimates from the country’s biggest company by market capitalization. Samsung Electronics Co.
005930, +0.91%SSNLF, +0.00%
said its operating profit likely declined for the first time in more than two years. Its shares fell 0.2%, bringing declines since the start of the year to almost 5%.

The South Korean electronics giant, which faces slowing momentum in smartphone sales and increased competition, expects to report a 3.8% to 8.4% decline in fourth-quarter operating profit later this month.

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